The Talga Group Ltd (ASX: TLG) share price is leaping higher in early afternoon trade, up 7.67% to $1.62 per share.
Below we look at the battery anode and advanced materials company's Memorandum of Understanding (MOU) announcement that looks to be driving ASX investor interest.
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What MOU update was announced?
The Talga share price is soaring after the company reported it has extended its MoU with Mitsui & Co. Europe Plc. That's a subsidiary of Japanese global trading and investment giant, Mitsui & Co., Ltd.
The MOU has been extended through to 31 August 2022. The companies will now continue to advance the potential co-development of Talga's Vittangi Anode Project in Sweden via a joint venture (JV).
The extended MOU was also expanded and now includes "marketing, sales and partnership opportunities across Talga's portfolio of lithium-ion battery products".
Commenting on the extension, Talga's managing director, Mark Thompson said:
Talga is very pleased to continue and expand our relationship with Mitsui as a trusted strong global partner in our goal of sustainable battery material technology and products. Since starting to work together much has been achieved, and as demand for battery materials such as Talga's has grown it is timely to expand our co-operation to also explore new opportunities and developments.
Mitsui has the non-exclusive option to negotiate and enter into relevant binding agreements with Talga before the MOU expires.
Talga's Vittangi Graphite Project in Sweden
ASX investors are also keeping a close eye on Talga's Vittangi Graphite Project in Sweden. As The Motley Fool reported on 9 November, the Talga share price leapt 12% after the company reported 'spectacular' drilling results at the project.
Talga share price snapshot
The Talga share price has been up down in 2021, with more downs leaving shares 0.3% in the red. For comparison the All Ordinaries Index (ASX: XAO) is up 13% year-to-date.
Over the last month, Talga shares are down 23%.
